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Content Insurance, a Must for Every Household!

June 24 2015

The advantages of insuring your valuable belongings

When purchasing a home insurance policy, you have the choice to opt for content insurance as well, which will cover most of your personal belongings against damage or loss. This can include furniture, electronic appliances, clothes, consumer durables, jewelry and other valuables. Therefore, content insurance is highly beneficial for everyone, whether they rent a house or own it.

Comprehensive Cover

Floods can damage all your belongings

A wide range of natural and man-made disasters are covered by a content insurance policy. Its main objective is to compensate any losses caused due to destruction or damage of possessions inside your home. This compensation is void if the damage or loss has occurred outside the house, and if the damage or loss happened deliberately.

If a fire breaks out at home and damages your belongings, content insurance will compensate you by covering your losses. Similarly, several other possible causes are covered by content insurance, such as:

Fire, explosion and implosion

Riot, strike and malicious damage

Earthquake

Lightening

Storm, tornado, hurricane and flood

Landslides and avalanches

Damage caused by impact of vehicles or aircraft

Apart from this extensive coverage, you can now opt for the ‘Terrorism cover' add-on, which protects your contents from any damage inflicted by terrorist activities.

The world has seen a sharp rise in natural disasters over the past few years, with catastrophic events like earthquakes and tsunamis crippling entire nations. The probability of these risks is higher than you may think and it is safer to be financially secure to avoid acute stress during a crisis.

Burglary and Theft

Empty houses attract robberies

Statistics show that home break-ins are on the rise across Indian metros like Mumbai, Delhi and Bangalore. These pre-planned burglaries are most common during the summer months, when families leave their empty houses to go on vacation. You cannot carry all your belongings with you on holiday; therefore, purchasing content insurance before you travel will give you peace of mind.

Burglars' main objective is to steal gold or jewelry, which can be covered by your content insurance up to the value of 1 lac. In order to make a claim, you must prove that the jewelry was kept under lock and key. Furthermore, any theft performed by your domestic help is not eligible for compensation.

Tenants and Owners

If you are the house owner, your content insurance premium can be clubbed with your structure insurance, giving you complete financial security. Your contents will be insured at their current market value, which is calculated by factoring in depreciation.

Individuals and families that move in to a rented house with all their belongings and valuables cannot insure the structure of their rented house; however, they can opt for content insurance. This will give them assurance that if any catastrophe strikes, their possessions are not completely lost.

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ICICI Lombard General Insurance Company Limited is one of the largest private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online.